GXChain Officially Realized On-Chain Decentralized Governance

BOSTON, Jan. 8, 2019 /PRNewswire/ -- It was a historical moment for GXChain. On December 19, 2018, GXChain, one of the three most influential public chain programs in China, officially announced its first 21 TrustNodes chosen from the GXChain TrustNode Voting Campaign. Since the official start of TrustNode Voting campaign on November 6, 2018, it has drawn attention from hundreds of well-known institutions in blockchain industry, including gf.network, LinkVC, 8BTC's Timestamp Capital, significant blockchain security verification service provider -- CertiK, Spark Blockchain Incubator, Slow Mist Zone, Huobi Pool, influential blockchain community -- EOS LAOMAO, Gravity Pool, GX-Harvard from Kennedy School of Political Science, and Blockchain Laboratory of Stony Brook University, USA.

Not only does the launch of the first 21 TrustNodes symbolize the progress that GXChain team made from a centralized governance team to a decentralized community, but also pushes GXChain into a new historical chapter. China's Center for Information and Industry Development (CCID), under the Country's Ministry of Industry and Information Technology, announced a new update of its Global Public Blockchain Technology Assessment Index (GPBTAI) on Dec 20, 2018. GXChain replaced BitShares in third place with a score of 117.5 in this assessment, which is the highest position GXChain ever got since getting into the ranking.

At 7:41 pm on December 19th, GXChain's core team officially handed over GXChain's on-chain governance rights to 21 TrustNodes selected by the community. GXChain came into its new era of community governance. The first block after the handover is produced by CertiK-GXC, a node operated b the world-renowned blockchain security agency CertiK. This block embodies the consensus of GXChain community and opens its future way of on-chain governance in a long term.

The 21 TrustNodes are the key players in GXChain ecosystem. TrustNodes are responsible for transaction verification, transaction accounting, block packing and confirmation on GXChain. The rewards of a TrustNode comes from production and broadcast of blocks. The amount of income is determined and voted for approval by the GXChain committee. Blocks on GXChain are the infrastructure of on-chain services on GXChain, including its network, storage and computing.

The top 11 TrustNode candidates automatically become members of GXChain Committee, which is the core organization of on-chain governance. The primary responsibility of GXChain Committee is proposing and voting for the modification of global parameters of GXChain. The global parameters include dynamic parameters of the blockchain, such as block size, block interval; the number of TrustNodes; the number of rewards to TrustNodes for producing blocks; the number of active committee members; various transaction fees like transfer fee and assets issue fee; smart contract establishing and calling rates, etc.

GXC-Prophet team, currently ranking the first among all TrustNodes, mentioned the reason for participating in GXChain TrustNode Voting Campaign: "We believe that GXChain will become the No.1 influential public chain of data economy, and we want to be a part of this exciting and promising project; in addition, we had lots of chances cooperating with GXChain team before the TrustNode election. We witnessed its progress, and knew the team is diligent and reliable. We hope Prophet can grow with GXChain together."

GX-CertiK, whose supportive team is CertiK, currently ranks top 5 in TrustNode voting. They also expressed their confidence and commitment towards GXChain ecosystem: "CertiK will deeply participate in the ecosystem of GXChain community, fully exert its influence to promote the further globalization of GXChain, and help to provide safe and reliable blockchain data economic services for more organizations and individuals." CertiK is a formal verification framework to mathematically prove that smart contracts and blockchain ecosystems are bug-free and hacker-resistant.

At the same time, GXBean, another top-ranking TrustNode candidate, also supports and contributes to the development of GXChain ecosystem actively on social media. The GXChain TrustNode Voting Campaign is continually open to register and participate in. If you're interested in becoming a TrustNode candidate, please read GXChain TrustNode Candidate Technical Guide published by GXBean for more information.

GXChain will keep going to explore and practice more methods in realizing decentralized governance and scalability.